The ‘recovery’ mantra has grown almost deafening, and so I looked for clues that might confirm the extent of ‘recovery’ in the long-term T-Bond chart.  For if the economy is in fact gaining strength, we should see it reflected in rising lending rates. My strong suspicion is that this could not possibly be so — that even if we are in a recovery, it could not possibly be strong enough to stimulate borrowing for capital expansion, especially with factory utilization and work-force participation rates near historical lows.  If, on the other hand, the recovery is a delusion or a statistical hoax, look for the fall in Treasury Bond prices to reverse from the Hidden Pivot support that I’ve flagged in today’s tout.